ICAO 2013 Environmental Report - page 147

chapter 4
global emissions
icao environmental report
Project based credits are represented by Certified Emission
Reductions (CER) that were implemented by United Nations
Framework Convention on Climate Change (UNFCCC).
By April 2013, 1,308 million tonne credits have been
issued. Various “Clean Development Mechanisms (CDM)
Reforms”, such as simplifying the process and improving
the predictability, are being implemented. CER is the most
common and widely used credit type and sufficient amounts
of credits can be supplied depending on the price. This
scheme will be continued until at least 2023.
Voluntary standard credits are developed and implemented
by mostly non-government entities. VCS (Verified Carbon
Standard) and Gold Standard are the leading voluntary
standards. VCS is supported by business groups including
the International Emission Trading Association (IETA)
and the World Business Council for Sustainable
Development (WBCSD). The Gold Standard was initiated
by World Wildlife Fund. By June 2013, 125.4 million tonnes
of VCS credits had been issued, with 43 million tonnes
of Gold Standard credits issued by March 2013. These
credits are used mostly for voluntary offsets of the carbon
footprint but not limited to voluntary purposes. For instance,
California’s Emissions Trading System (ETS) is considering
adopting VCS as a standard for evaluating its Reduction
of Emission from Deforestation and forest Degradation
(REDD+) program.
Australia and Korea have decided to start national ETS
programs beginning in 2015, and Brazil and Chile are
studying the adoption of national ETS programs. Sub-
national governments, such as California, New York and
Tokyo, have already started ETS, and Beijing, Shanghai and
other cities will start soon. In addition, new project-based
credit schemes, like Japan’s Joint Credit Mechanism (JCM),
are under development. The carbon market is spreading
globally and more than 30% of CO
emissions are currently
covered by ETS or carbon taxes. The World Bank has stated
that some 60 carbon regulations have been implemented
worldwide. Airlines are affected by various regulations and
it would be convenient for them to use the credits which
are applicable under these regulations. Credits issued
under national and sub-national schemes could also be
an option to offset credits.
Type of Credits
Source of Reductions
Six Green House Gasses
reduction in developing
• Biggest project base
reduction market and
2,371 million ton issued.
• Uncertainty after 2023
Voluntary Credits
• Gold Standard (GS)
• Others like J-VER
• Association and NGO
• VCS (alliance by
IETA, WBCSD, etc.)
• Six GHG gasses but
uncovered potential
like forest.
• Additional value such as
social and biodiversity.
• 125 million ton VCS
and 43 million ton GS
are issued.
• Used for voluntary offset
or sub-national scheme
but volume is limited.
• National Scheme:
EU, Australia, Korea
• California and
Quebec, Chinese
Provincial, Tokyo
• National government
• Local authority
• Installations covered
by ETS. Mostly power
and industry. Tokyo
ETS covers offices.
• Offset credits such as
CER, VCS are allowed.
California use REDD.
• Domestic operation
of aviation are under
domestic regulations
and easy to access.
New Credits
• Varieties of sources
such as forest and
CCS (Carbon
Capture Storage).
• HCFC and CFC are
GHG but not covered
by CDM.
• Forest is a target
for voluntary credits.
1,600 million a year
is emitted by land
use change.
• Stock of HCFC
and CFC in 2020
is 8,700 million ton.
Figure 1:
Types of Offset Credit Schemes.
1...,137,138,139,140,141,142,143,144,145,146 148,149,150,151,152,153,154,155,156,157,...212
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